No such thing as Building a Patek AD relationship anymore, PATEK TARGETING ELITE

[Calatrava r]

Patek sells watches period. They have a lot of models which lose value on the used markets. They need all the customers they can get like any other luxury concern. Success is flighting in this business. I have always gotten the impression that Patek is about creating and maintaining long term relationships along with family lines where possible. Yes, ADs are low to empty on product at the moment, but it is not due to some targeting of the ultra-rich.

[Nico81]

Originally Posted by martinr

It’s not the brand itself that turns me off but some of the people that are interested in the brand do. Like the OP. Bitter self righteous know it all superior attitude. Whether what he’s saying is true or not and there are zero facts presented to prove his point is irrelevant. He doesn’t like his experience with Patek and says it’s the new way for everyone. It isn’t.

Per chunkythebulldog:
I always find it's not what you've got but how you conduct yourself that opens the doors.

That is a fact.

This. agree
Mod please lock before things go south


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[Locust]

Originally Posted by dchang81

fact, bears eat beets

Bears. Beats. Battlestar Gallactica.

[jon_jon]

Originally Posted by V25V

Right but the AD's have been shut down for years now and the hot watches STILL end up at gray dealers. AP has a boutique only model and how is that you still see 16202's at grays everywhere? Thats a new reference and only been available since they made this move. C24 has 51 16202's listed for sale in the USA alone.

It is true that 5-6 years ago, there were 90-100 Patek ADs in the US and now there are half that number left. I am not surprised that many of these ADs lost their Patek licenses. Who knows Patek may cut more ADs within the next few years due to selling a lot of pieces through the back door.

As for C24, it is common knowledge that sellers post items that they don't have, but can acquire through their "network" once they find a suitable buyer.

There will always be flippers of hot watches when a decent amount of $$$$ is at play. Before the Nautilus and Aquanaut craze, there were other watches that were flipped. I doubt this will go away unless the delta between retail and secondary market price is minimal.

[V25V]

Originally Posted by jon_jon

It is true that 5-6 years ago, there were 90-100 Patek ADs in the US and now there are half that number left. I am not surprised that many of these ADs lost their Patek licenses. Who knows Patek may cut more ADs within the next few years due to selling a lot of pieces through the back door.

As for C24, it is common knowledge that sellers post items that they don't have, but can acquire through their "network" once they find a suitable buyer.

There will always be flippers of hot watches when a decent amount of $$$$ is at play. Before the Nautilus and Aquanaut craze, there were other watches that were flipped. I doubt this will go away unless the delta between retail and secondary market price is minimal.

Yeah, I get the C24 thing but its still a somewhat accurate data sample and goes to my point. AP swears the 16202 is its unicorn and reserved for only its best and most loyal customers. So if that is the case, how are these ending up on the secondary market? And if they really wanted to stop it, couldn't they buy those back, identify the origin/buyers and work to end it? Or is that not worth it to them? But by the logic above, being only the best and most loyal who get these, there shouldn't be any on the market at all new and untouched at 3-4x. Because those best and most loyal are trusted to never flip, right?

[w220]

It's not only Patek, pretty much the whole watch industry has gone completely bonkers.

But nothing last forever, and they are losing many true enthusiasts in the process, and many of those will not return even when normalcy returns. I'm glad I bought what I did when I did, and I'll keep what I have, but I'll not be buying anything new in the foreseeable future.

[westoque]

I just visited the Patek Salon in Geneva and my SAs sentiment is that they are cautious. They know that the market is cyclical, it might be the case now where everyone wants a hot model but they know it’s not going to last forever. They are positioning themselves to be able to cater to clients even in a downmarket. I believe the closing of the ADs are setting them up to be able to support this. You don’t want to give out a hot piece in a random place without a big market. They would rather give it out in a bigger city with a higher income area that is able to buy more pieces.

Also, to answer other questions, from Thierry Stern himself:

1. The retailers determine who gets the watch.
2. Only sell to local clients.
3. The ideal Patek client is a client that will buy more than 1 piece.

https://youtu.be/y1xUVALnNkE?t=455

[JettyOne]

Originally Posted by fsprow

Let’s see the facts on which your post is based.

I don’t want to see OP’s ass.

[CAWatchLove]

I can’t believe “some” of the enraged “cancel culture squad” has come out wanting this truthful post “shut down”?

I have stated truth, quoted Mr Stern, reliable insiders have confirmed this, Patek’s door closing actions in “certain areas” reflect this, the ones that remain open in “certain areas” reflect this, online auctions with double sealed Patek’s are being posted by the dozens and Patek turns a blind eye and SO ON AND SO ON.

Go test what I am saying for yourself. Go into a random AD and test this by stating you are “ultra elite” and use a false billionere name and address who wants to buy a watch but knows little to nothing about horology. Then go and do the same thing as a “basic upper class” person with extreme horological passion and interest, see how that plays out.

The enraged people who can’t accept the Patek/AD tactics are either on Patek payroll or trying to impress their AD’s who likely know they comment on here.

Patek ONLY wants ultra elite now, avoiding upper class.
They will have AD’s look you up and verify it. And Mr Stern is the BIGGEST FAN of the grey market, he just wants the upper class in there. The ultra elite get MSRP.

[daveo5]

My Patek has more than doubled in price.


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[CAWatchLove]

Never thought I would see cancel culture hit the forums.

Test what I said for yourself.

[dchang81]

you're saying they would want a billionaire client? who'd a thunk it. brilliant that they want rich clients. don't have to be captain obvious that someone who can buy multiple pieces is typically better than someone who can afford only one but they really really appreciate it.

not sure if cancel culture applies to anl semianonymous internet forum poster

[martinr]

Originally Posted by CAWatchLove

Never thought I would see cancel culture hit the forums.

Test what I said for yourself.

It isn’t cancel culture it’s just that most of us think you’re wrong. And only an imbecile would take you up on your suggestion to lie to an AD about who we are and how ultra elite we are. Making up a fake address of some billionaire and pretending we’re someone else is immature and childish. Something you would be good at. Try it yourself and post pictures of the watches you’ve been allowed to buy.

[CAWatchLove]

Martinr, many actually agree with what I am saying.

For the cancel culture sceptics like you I offer the test, but you dismiss that as a waste of time. It would be the only way to PROVE to a skeptic like you.

Keep on believing Patek is there for the true enthusiast before profits.

Keep believing they have no control over flippers and double sealed auctions.

Keep on believing they don’t want clients net worth & status verified before bringing them into the brand.

Keep on believing the specific locations they parted ways from had nothing to do with demographics of ultra elite.

Keep on believing Patek that they despise the grey market and don’t like their products inflated.

The imbecile is you.

You have to believe, you are either trying to impress an AD that reads this or Patek itself. No logical person would remain as naive as you. SMH

[martinr]

I’ve already been on an all expense paid five day tour of the Patek manufacture and I’m no whale ultra elite etc. that you speak of. I’m not trying to impress anyone with Patek or any AD. Your post is all over the place, a rambling diatribe full of non facts and innuendo. Your suggestion to lie about who I am to prove your so called point is just plain stupid. Besides all that I find the watch business boring. I’m not interested in that aspect of appreciating watches. If people want to get into that it’s fine with me but you’ve gone overboard and sound like a bitter child that didn’t have things go your way.

[Rollieo]

Sounds like someone's not happy about not getting that Nautilus allocation.

[Nana7]

Originally Posted by CAWatchLove

Keep on believing they don’t want clients net worth & status verified before bringing them into the brand.

A good friend of mine who just got into the Patek brand was recently allocated a 6119r 2 months ago with barely any spend history with his AD. He has a decent job in consulting but definitely does not have a 7 figure net worth and comes from a working class family. He's also in Los Angeles where millionaires and celebrities are a dime a dozen.

While it is true that Patek's clientele highly skew towards the wealthier side, it would be bad business practice to entirely exclude those who are new to the brand and still in the early stages of their careers. The young client who is just starting both their career and horological journey can potentially become a high earner that regularly buys Grand Complications in the future. It's just not easy to get one's foot in the door when there are hundreds of others also trying to do so in this current watch climate.

[dauster]

Originally Posted by CAWatchLove

Additional evidence supporting my original post.

“Double sealed” Patek’s being auctioned for $3 Mil and its VERY EASY for Patek to see the AD and even the client. Absolutely NOTHING being done about it, why??? Because Patek NEEDS the hyper inflated grey market price and the AD has the ultra elite wealthy clients that Patek desperately desires. In this allocation case it’s highly probable the one who purchased the double sealed Patek did not even care for it, but they are the ultra elite they are looking for.

SMH ��* at anyone who believes the things this company says.

How do you know nothing is being done ? How we know if customer was / is blacklisted and AD getting worse allocations?


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[dauster]

Originally Posted by V25V

Yeah, I get the C24 thing but its still a somewhat accurate data sample and goes to my point. AP swears the 16202 is its unicorn and reserved for only its best and most loyal customers. So if that is the case, how are these ending up on the secondary market? And if they really wanted to stop it, couldn't they buy those back, identify the origin/buyers and work to end it? Or is that not worth it to them? But by the logic above, being only the best and most loyal who get these, there shouldn't be any on the market at all new and untouched at 3-4x. Because those best and most loyal are trusted to never flip, right?

Let’s be real that’s how the world works - nothing is perfect and yes it’s frustrating but nobody really cares. Only us nerds care about it and we are not that many. Who in the real world is getting upset at Porsche and Ferrari because they can’t get GT2/ 3Rs and laferrari ? I have many friends that like watches but they just buy grey or end up getting their watch at the AD thru organic spending, I don’t think I know anyone that gets really frustrated in real life.

I have been frustrated in the past until wifey gave me a reality check lol ;)


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[V25V]

Originally Posted by dauster

Let’s be real that’s how the world works - nothing is perfect and yes it’s frustrating but nobody really cares. Only us nerds care about it and we are not that many. Who in the real world is getting upset at Porsche and Ferrari because they can’t get GT2/ 3Rs and laferrari ? I have many friends that like watches but they just buy grey or end up getting their watch at the AD thru organic spending, I don’t think I know anyone that gets really frustrated in real life.

I have been frustrated in the past until wifey gave me a reality check lol ;)


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Haha. Yeah I have got to a point now where I’m just enjoying what I have. If this madness calms, I may get back in and play but I’m fairly content with my collection at this time. But yes, it is frustrating, I’m not going to throw a temper tantrum over it however.


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[ButtButt]

Can’t speak for others but I live in billionaire central. I’m closer to being a peasant than being UHNW. I was able to get my first Patek from the local AD recently and was not vetted at all. I have no social media so they can’t look me up, all they asked for was my phone number and I received a call 2 weeks later to pick up the watch.

[Tomas Eriksson]

Haven't been able to purchase even a Calatrava from the ADs here for years so no difference to me.

[Rolesor_66]

Sounds like you just had a conversation with an AD about getting closed over a few drinks. lol

[WatchEater666]

There are still plenty available second hand at steep discounts.... This applies to the vast majority of their product line lol. No need to buy new :)

[DonLee]

I own 4 Pateks, my wife owns 2, all bought from retail.

I must be a billionaire!!!

[brandrea]

Originally Posted by dchang81

fact, bears eat beets

Originally Posted by Locust

Bears. Beats. Battlestar Gallactica.

Whatever you guys are on, I want some

[chows99]

Middle class working people are still able to buy Patel Watches at certain markets. Perhaps you are staying in the billionaires district and hence so disgruntled.

[V25V]

Originally Posted by chows99

Middle class working people are still able to buy Patel Watches at certain markets. Perhaps you are staying in the billionaires district and hence so disgruntled.

I am still waiting for someone to give a universal definition of "middle class" because I think many who feel they fall into that bucket would not be buying $30K+ watches or even $5K watches. Let's be real here, these are first world problems people here are having.

[Auric Goldfinger]

Originally Posted by brandrea

Whatever you guys are on, I want some

It's quotes from tv show, The Office.

[brandrea]

Originally Posted by Auric Goldfinger

It's quotes from tv show, The Office.

Ah, never watched it